HMRC Tax Raid

HMRC Tax Raid.

The UK Tax Authority has predicted that 17,000 people would face tax raids on their accounts from HM Revenue & Customs (HMRC) for unpaid taxes.

New plans that were announced in the budget this year, will allow HMRC to take tax owed of any amount over £1,000.

Until now the plans were not made fully clear on how they would work.

The new rules allow HMRC to:

• Target those who have long term owed amounts and have been sent at least 4 demands.
• There must be at least £5,000 left across the person’s accounts, which includes savings, after the debt is recovered.
• The amount owed will be frozen within the person’s account to allow time for the debt to be paid before money is seized.

The average amount which is is around £5,800 per person. It was also made clear that more than half of those who owed tax had £20,000+ in their accounts.